PITTSBURGH (AP) -- United States Steel Corp. said late Tuesday that it will temporarily idle three facilities in its latest move to reduce production amid falling demand for its steel products.
The action will affect roughly 3,500 workers, the company said.
Over the next several weeks, U.S. Steel is idling Keetac, an iron ore mining and pelletizing facility in Keewatin, Minn.; Great Lakes Works near Detroit; and Granite City Works near St. Louis.
U.S. Steel said it plans to temporarily concentrate production at Mon Valley Works near Pittsburgh; Gary Works in Gary, Ind.; Fairfield Works near Birmingham, Ala.; and Lake Erie Works in Nanticoke, Ontario.
The action follows the company's announcement in mid-November that it laid off 675 workers in the U.S. and Canada.
"We believe that our difficult decision to temporarily consolidate our production is a necessary response to current market conditions," said U. S. Steel Chairman and Chief Executive John Surma about its latest announcement.
U.S. Steel gained 26 cents to $27.75 in after-hours trading, after jumping $1.85, or 7.2 percent, to $27.49 during the regular session. The stock has traded between $20.71 and $196 during the past 52 weeks.
